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<br />a certificate of destruction evidencing such destruction shall be <br />furnished by the Bond Registrar to the City. <br /> Section 8. Lost Bonds. Any Bond that is lost, stolen, <br />destroyed, or mu tilated may be replaced or paid by the Bond <br />Registrar in accordance with and subject to the limitations of <br />appl icable law. The applicant for any such replacement Bond shall <br />post such security, pay such costs, and present such proof of <br />ownership and loss as may be required by applicable law, or in the <br />absence of specific requirements, as may be required by the Bond <br />Re g i s t r a r . <br /> Sec tion 9. Disposition and Investment of Bond Proceeds. <br /> The proceeds of the Bo nds shall be applied only to pay <br />the costs and expenses of constructing the improvements in the <br />District and all other cos ts and expenses i nc ident the reto, <br />including without limitation, the costs of issuing and securing <br />the Bo nds . Neither the Underwriter nor any subsequent owners of <br />the Bonds shall be responsible for the application or disposal by <br />the City or any of its officers of the funds derived from the sale <br />thereof. In the event that all of the procee ds of the Bonds are <br />not required to pay such costs and expenses, any remaining amount <br />shall be deposited to the Bon d Fund hereinafter created, and used <br />for the purpose of calling in and paying the principal of and <br />interest on the Bonds. <br /> All or any portion of the Bond proceeds may be tempo- <br />rarily invested or reinvested, pending such use, in securities or <br />obligations which are lawful investments. It is hereby covenanted <br />and agreed by the City that the temporary investment or <br />reinvestment of the orig inal proceeds of the Bonds, or of any <br />moneys treated as proceeds of the Bonds within the meaning of <br />Section 103(c) of the Internal Revenue Code of 1954, as amended <br />(the "Code"), and pertinent regulations, rulings, and decisions, <br />shall be of such nature and extent, for such period, and at such <br />yield, that the Bonds shall not be or become arbitrage bonds <br />within the meaning of Section 103(c) of the Code and pertinent <br />regulations, rulings, and decisions. <br /> - 35 - <br />